Interim Consolidated Report as of June 30, 2018 We are an energy company. We are working to build a future where everyone can access energy resources efficiently and sustainably. Our work is based on passion and innovation, on our unique strengths and skills, on the quality of our people and in recognising that diversity across all aspects of our operations and organisation is something to be cherished. We believe in the value of long term partnerships with the countries and communities where we operate. MISSION Interim Consolidated Report as of June 30, 2018 Interim Consolidated Report 4 Highlights 6 Key operating and financial results Operating review 8 Exploration & Production 11 Gas & Power 13 Refining & Marketing and Chemicals 16 Financial review and other information 33 Risk factors and uncertainties Disclaimer 38 Outlook This report contains certain forward-looking statements in particular under the section “Outlook”, regarding 39 Other information capital expenditure, development and management of oil and gas resources, dividends, allocation of future cash flow from operations, future operating Condensed consolidated performance, gearing, targets of production and sales interim financial statements growth, new markets, and the progress and timing of projects. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may 42 Financial statements occur in the future. Actual results may differ from those Notes to the condensed consolidated interim expressed in such statements, depending on a variety of 47 factors, including the timing of bringing new fields on financial statements stream; management’s ability in carrying out industrial plans and in succeeding in commercial transactions; future levels of industry product supply; demand and 95 Management’s certification pricing; operational problems; general economic 96 Report of Independent Auditors conditions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; development and use of new Annex technology; changes in public expectations and other changes in business conditions; the actions of competitors and other factors discussed elsewhere in this document. List of companies owned by Eni SpA 98 “Eni” means the parent company Eni SpA and its as of June 30, 2018 consolidated subsidiaries. Changes in the scope of consolidation 125 for the first half of 2018 For the Glossary see website eni.com Eni Interim Consolidated Report/ Highlights Highlights Adjusted results: in the first half of 2018 Eni consolidated adjusted operating profit of €4.94 billion increased by 73% vs. the first half of 2017 driven by sharply higher crude oil prices (the Brent benchmark up by 36% in dollar terms; up by 22% in euro terms), production growth and recovery in profitability of the Gas & Power segment reflecting the restructuring of long-term gas contracts, strong results in the LNG business, optimizations in the power activity as well as reduction in logistic costs. Despite a weaker trading environment caused by rapidly-escalating oil-based costs, the R&M and Chemicals segment managed to stay positive leveraging on the continuous efficiency initiatives and cost optimizations. Adjusted net profit: €1.74 billion, up by 45% from the first half of 2017. Net profit: €2.20 billion, more than doubled from the first half of 2017 (+€1.21 billion). Cash flow: strong cash flow from operations of €5.22 billion, up by 13% vs. the first half of 2017. Net capex: €3.69 billion1; more than funded by organic cash flow. Net borrowings: €9.9 billion. Leverage: 0.20, lower than the level of December 31, 2017 (0.23). 2018 interim dividend proposal: in light of the financial results achieved in the first half of 2018 and the Company’s progress on the industrial plan targets, the interim dividend proposal to the Board of Directors will amount to €0.42 per share2, out of a full-year dividend of €0.83 per share. Strong growth reported in hydrocarbon production at 1.865 million boe/d, up by 4.6% from the first half of 2017. Net of price effects in PSAs, the growth rate was 5.4%. Production growth fueled by the ramp-up of giant projects, recently started up: Zohr, Noroos, Jangkrik, OCTP, Ochigufu, Nenè phase 2; higher production at the Kashagan and Val d’Agri fields (the latter shutdown in the second quarter of 2017) and the entry in Abu Dhabi. Strengthened Eni presence in Norway following the agreement to merge the subsidiary Eni Norge with Point Resources. The combined entity will be a leading Norwegian upstream company producing around 180 kboe/d in 2018. Closing is expected by the end of 2018. Dual exploration model: finalized the divestment to Mubadala Petroleum of a 10% stake in the Shorouk concession in offshore Egypt, where the super-giant Zohr gas field is producing. Main start-ups: Ochigufu offshore Block 15/06 in Angola, rising the production plateau at 150 kboe/d; phase 2 of the giant Bahr Essalam gas field in Libya, just three years after the final investment decision. Zohr ramp-up in Egypt: the fourth treatment unit started up in record time increasing installed capacity to approximately 1.6 bscfd (220 kboe/d). Expected in September the start-up of the fifth treatment unit, for a total capacity of approximately 2 bscfd. Exploration: Oil exploration successes at the Block 15/06 in Angola, as well as at two exploration prospects located in the Faghur basin, in the South West Meleiha license in Egypt. 1 Net of the entry bonus relating to the acquisition of two Concession Agreements in the UAE, the development capex incurred in 2018 on a 10% interest in the Zohr project which were reimbursed by the acquirer of the interest and the collection of trade advances intended to fund the Zohr project. 2 Dividends are not entitled to tax credit and, depending on the receiver, are subject to a withholding tax on distribution or are partially cumulated to the receivers' taxable income. 4 Eni Interim Consolidated Report / Highlights New exploration acreage: awarded the 100% interest in the East Ganal deepwater exploration block, in Indonesia. In the first half of 2018, awarded new mineral interests in Mexico, Lebanon and Morocco, a total of 22,000 square kilometers. Resource base: added approximately 280 million boe in the first half of 2018. Significant progress has been made towards the final investment decision of the Rovuma LNG project to monetize the gas reserves of Area 4 in Mozambique. The development plan of the first phase of the project has been submitted to the Mozambique government. Under negotiation Rovuma LNG sales and purchase agreements. The final investment decision is expected in 2019. Finalized a cooperation agreement with Sonatrach to develop new gas resources in conjunction with existing assets and for gas supplies in the 2018-2019 thermal year. Developments in the Energy Solutions business: - Signed a final investment decision to build, develop and operate a 50 MW wind farm at the Badamsha site, in the north-west Kazakhstan, to supply renewable energy to the Country; - Eni and GSE presented a 26 MWp photovoltaic plant in the Assemini industrial area in the province of Cagliari. The plant is part of Progetto Italia, a pool of Eni initiatives to create sustainable value by revamping shutdown industrial hubs, mainly in Southern Italy. Total recordable injury rate: down by 17.1% y-o-y confirming an improving trend. Direct GHG emissions E&P/operated hydrocarbon production: 0.153 tCO2eq/toe, an improvement of 6.7% y-o-y. 5 Eni Interim Consolidated Report/ Highlights Key operating and financial results First half 2018 2017 Net sales from operations (€ million) 36,071 33,690 Operating profit (loss) 5,038 2,674 Adjusted operating profit (loss) (a) 4,944 2,853 Adjusted net profit (loss) (a) (b) 1,745 1,207 (c) ‐ per share (€) 0.48 0.34 (c) (d) ‐ per ADR ($) 1.16 0.74 Net profit (loss) (b) 2,198 983 (c) ‐ per share (€) 0.61 0.27 (c) (d) ‐ per ADR ($) 1.48 0.58 (b) Comprehensive income (€ million) 3,583 (2,725) Net cash flow from operating activities (€ million) 5,220 4,638 Net cash provided from operating activities before changes in working capital at 5,542 4,881 replacement cost (a) Capital expenditure 4,502 4,923 of which: exploration 161 284 hydrocarbons development 3,158 4,309 Total assets at period end 118,344 117,820 Shareholders' equity including non‐controlling interests at period end 50,471 48,929 Net borrowings at period end 9,897 15,467 Net capital employed at period end 60,368 64,396 of which: Exploration & Production 50,466 54,455 Gas & Power 3,527 3,949 Refining & Marketing and Chemicals 8,238 7,003 Leverage (%) 20 32 Gearing 16 24 Coverage 8.1 5.5 Current ratio 1.4 1.3 Debt coverage 52.7 30.0 Share price at period end (€) 15.91 13.16 Weighted average number of shares outstanding (million) 3,601.1 3,601.1 (e) Market capitalization (€ billion) 57.3 47.4 (a) Non‐GAAP measure. (b) Attributable to Eni’s shareholders. (c) Fully diluted. Ratio of net profit (loss)/cash flow and average number of shares outstanding in the period. Dollar amounts are converted on the basis of the average EUR/USD exchange rate quoted by Reuters (WMR) for the period presented. (d) One American Depositary Receipt (ADR) is equal to two Eni ordinary shares. (e) Number of outstanding shares by reference price at period end. 6 Eni Interim Consolidated Report / Highlights First half 2018 2017 Employees at period end (number) 31,923 33,227 of which: ‐ women